Commercial Net Lease Realty Announces Pricing of Four Million Share Common Stock Offering.

Business Editors

ORLANDO, Fla.--(BUSINESS WIRE)--Nov. 28, 2001

Commercial Net Lease Realty, Inc. (NYSE:NNN), an equity real estate investment trust, announced today that is has completed a public offering of 4,000,000 shares of the Company's common stock priced at $13.34 per share. The offering is expected to close on November 30, 2001 and all shares are being sold by the Company. A copy of the prospectus relating to the offering may be obtained from the following managing underwriters: Salomon Smith Barney, Wachovia Securities, A.G. Edwards & Sons, Inc., Legg Mason Wood Walker Incorporated, and Raymond James. The proceeds from this offering will be used to repay a portion of the amount outstanding under the Company's $200 million unsecured credit facility and as a result the Company will have approximately $120 million available for future borrowings under the credit facility.

Commenting on the offering, Mr. Gary M. Ralston, President and Chief Operating Officer, stated, "We appreciate the support shown by the firms underwriting this common stock offering. Our strategy of a diversified portfolio of long-term, net leased properties to creditworthy tenants was welcomed by investors seeking investment security and consistent cash returns. This desire by investors appears to have resulted in strong demand for our shares. This additional capital will help us to continue to grow and to continue our track record of 12 consecutive years of increased dividends paid to shareholders."

The shares of common stock will be issued pursuant to a Registration Statement that has been declared effective by the Securities and Exchange Commission. The shares are only offered by means of the prospectus included in the Registration Statement and the prospectus supplement related to this offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful.

Commercial Net Lease Realty, an equity real estate investment trust, invests in high-quality, freestanding retail properties subject to long-term, net leases with major retail tenants, such as Barnes & Noble, Best Buy, Eckerd and OfficeMax. The Company currently owns, either directly or through investment interests, 237 properties in 36 states with total gross leasable area of approximately 6.0 million square feet. These properties are leased to 56 retailers in 25 lines of trade.